11.29.2007

THE RANGE

Markets closed a bit higher as the markets flip flopped between green and red most of the day. The winners generally in tech and energy while the losers were financials. AAPL BIDU GOOG VMW holding the markets up.

Market internals- slightly red on NYSE/NAZ with 600 more red than green;

NDX/OEX just about an equal number of winners and losers;

IBD 100- 55 WINNERS;

VIX -closing at 24- about 8% below the 10 day SMA;

Down Volume a bit higher than Up volume and total volume a bit light at 1.3B;

Technically, SPX ran into resistance at 1,475 area, 50% retracement and see the 200 day SMA at 1,483 - so just wondering if Big Ben's news tomorrow will be sold at these technical levels. Keep in mind most folks know he will lowering rates going forward so only "news" may be bad. Good news probably all in and all known. And yeah that's him.